What does Brexit mean to your financial future?

November 2018

These are uncertain times for the UK. With the negotiations to exit the European Union proving to be fraught, it’s difficult to know just what Brexit will actually look like.

Significant changes lie ahead for consumers and businesses – but change brings opportunity too. And as the future of our country is shaped over the next few weeks and months, it’s worth thinking about your own long-term situation. Not least, your financial aspirations.

After all:

Brexit uncertainty has contributed to the Bank of England keeping interest rates at low levels – making it very difficult to grow the value of money stored in savings accounts.

Philip Hammond’s recent Budget announcement came with the caveat that a ‘no-deal’ Brexit would require a new Budget – so the extension of favourable pension rules might come back under scrutiny.

Away from Brexit, the government is reviewing trust arrangements that hundreds of thousands of people use to pass on their legacy to family in a more tax-efficient manner.

It can be tempting to delay planning your long-term future until Brexit is concluded. But the reality is that it could take years for Brexit to truly settle down – but regardless of what happens in the short term, it’s still important to focus on your longer-term financial plan.

Professional advice to support your future

With the stakes so high, Mail Finance has carefully chosen Skipton as their partners to provide you with personalised financial advice. Short-term uncertainty will always be present to some extent, which is why it could prove so valuable to create a long term financial plan with one of their nationwide team of financial advisers.

Depending on your financial needs, Skipton can help you to build a balanced portfolio of investments, which includes assets from both the UK and globally.

Mark Elliott, Skipton’s head of financial advice risk and research, explained, “Your Skipton financial adviser can support you in planning your goals. Depending on your circumstances, we can advise you on how well positioned your finances are for the retirement you envisage, growing your savings and considering your legacy.”

As you would expect, investing your money comes with risk. The value of the fund can go down as well as up, and you may get back less than you invest.

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Published by Mail Finance, a division of Associated Newspapers Limited, a company registered in England under company number 84121 with a registered office at Northcliffe House, 2 Derry Street, London W8 5TT